News
Recent news, business resources and press releases.New Real Estate Podcasts
Listen to hot topics in real estate whether you’re on the go or lounging at home!
Median home price swings back up in May
The regional median home price was up in May, but individual localities saw wins and losses in the price department. The median sold price settled at $454,950 this month compared to $436,000 in May of 2022, representing a 4% year-over-year increase. Units sold were down 19%, coming in at 606 compared to 749 units sold last May. Total sold dollar volume was down over 16%, posting approximately $287.6 million in sales for May of 2023 compared to $343.2 million in sales last May.
Prices and units sold were all over the map for the local jurisdictions. Caroline County and Colonial Beach saw double digit increases in units sold, but median price declines for May of 2023. The City of Fredericksburg saw a 4% price decline and no change in units sold from last year. Orange County was up over 14% in price, coming in at $388,950, but also saw a nearly 30% decline in units sold. King George County saw a sizeable price increase at $456,000, an 18% increase from last May, while Spotsylvania County saw a 3% decline and a $429,900 price point. Stafford County broke the $500,000 median price mark again in May, coming in with a 5% increase at $505,000, but also saw a 17% decrease in units sold.
FAAR Board of Director Lauren Tate comments, “The local market continues to be strong for homeowners who are selling their home. This is an excellent time for home sellers to cash out, but it leaves home buyers at the top of their price range, paying higher interest rates, offering above asking price, and competing with multiple offers. Buyers also often feel exposed by having to reduce the number of contingencies that would protect them in the past. To compete with these multiple offers, home buyers often remove contingency protections such as home inspections and also offer to make up the difference on appraisal gaps. While it is not recommended to remove these protections, buyers feel compelled to do so to better their chances of securing the winning bid.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 73% up to 19 days this May compared to just 11 days last year.
Inventory was also down slightly again in May, finishing out the month with 788 active listings compared to 838 last year, a nearly 6% decline. New listings were down 33% from last year with 1,024 homes coming on the market in May of 2022 compared to 688 this past month. New pending sales were down 19% in May, with 668 pending contracts compared to 823 last May.
#MemberMonday Meet Gavin Robyn, Local Owner of Next Door Photos
The Member Monday spotlight lets community members get to know each other before doing business together. Participants answer fun questions to reveal their personalities. We hope these types of features spark connections through email, phone calls, at in-person meetings, and at classes and events.
Name
Gavin Robyn
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
Local Owner of Next Door Photos
Why do you love working in real estate?
Building relationships & serving my community has always been my passion. Real estate just ended up being the vessel for me to do that!
Favorite Work Story
During a shoot, I had a military wife/mom trying to get her house organized while her kids were running around. I started helping around, wiping down counters and taking out trash. And after, she told me how grateful she was that there were so many people willing to help her. Not just me, but her agent, and the agent’s other team members. This is why we do what we do!
What are you most proud of in your career?
Knowing that I am creating a long lasting positive impact, and that this business is cultivating generational wealth for so many wonderful families.
Do you have a special cause or volunteer your time?
Besides working at my church, I try as often as I can to offer my services for charity events so those memories can be captured forever.
Fun Fact
I’ve moved over 20 times!
How to Renew Your Real Estate License in Virginia through DPOR
The Virginia Department of Professional and Occupational Regulation (DPOR) regulates the real estate industry in the state of Virginia. Real estate licensees are required to renew their licenses every two years. The renewal process is relatively simple and can be completed online or by mail.
To renew your license online, you will need to:
- Go to the DPOR website and log in to your online account.
- Click on the “Renew License” link.
- Enter your license number and expiration date.
- Pay the renewal fee.
- Complete the continuing education requirements.
To renew your license by mail, you will need to:
- Download the renewal form from the DPOR website.
- Complete the form and mail it to the DPOR address.
- Pay the renewal fee.
- Include a copy of your completed continuing education certificate.
As of 6/1/2023, the renewal fee for real estate licenses in Virginia is $65 for salespersons and $80 for brokers. The continuing education requirements are 16 hours for salespersons and 24 hours for brokers. NOTE: All salespersons renewing their licenses for the first time must complete 30 hours of post-license education (instead of continuing education).
Your license will be renewed for a period of two years. You will receive a renewal notice in the mail approximately two months before your license expires.
If you fail to renew your license before it expires, you will be required to pay a late fee of $50. If you fail to renew your license for more than two years, you will be required to complete the entire licensing process again.
What if my license date has passed?
If your license date has passed, you are not permitted to practice real estate in Virginia. The term “active” refers to your account status at DPOR, not your license status.
For more information on renewing your real estate license in Virginia, please visit the DPOR website.
Here are some additional tips for renewing your real estate license in Virginia:
- Start the renewal process early. The deadline to renew your license is the last day of the month in which it expires.
- Make sure you have completed all of the continuing education requirements. You can find a list of approved courses on the DPOR website.
- Pay the renewal fee online or by mail. You can also pay the fee by credit card over the phone.
- Keep a copy of your renewal certificate. You will need this to show to clients and potential employers.
By following these tips, you can easily and quickly renew your real estate license in Virginia.
NAR Lawsuits Update
NAR has released a few new articles on pending litigation that may be of interest. Use the links below to navigate to those articles and also check out NAR’s site focused on how market competition benefits the marketplace and clients and customers.
Realtor Magazine: Explain How REALTORS®, Local Broker Marketplaces Work
Real Trends Opinion: Realtors, it’s time to raise your voice for consumers
Are you taking advantage of all Bright has to offer?
Are you taking advantage of all Bright has to offer? Recently, Bright added tools and features to help you provide even more value to your clients through your MLS subscription. Stand out from the competition and win new clients. Make the most of your MLS subscription this summer.
- Share Before You Publish Listing Preview now lets you share draft listings with key office members—and the sellers—directly from Bright’s Listing Management. Ensure the most complete and accurate listings every time! Get the latest at brightmls.com/ListingPreview
- Access the industry’s hottest headlines and market news with RISMedia Premier A $249 value, RISMedia Premier is included in your Bright MLS subscription! Enjoy the top source for residential real estate news directly from your Bright workspace. Learn more at brightmls.com/RISMedia.
- Free floor plans are now available through CubiCasa Did you know that homebuyers consider floor plans to be one of the most desired data assets on a listing? It’s true! Floor plans are second only to standard photos and listing data in terms of what buyers want to see. CubiCasa’s mobile app—now available through Bright MLS—makes creating floor plans easy, fast, and FREE! Get started at brightmls.com/CubiCasa
Kickstart your business! Our experienced Customer Success Coaches provide exclusive spots every week for coaching sessions. If you’re looking for the latest on Bright’s prospecting features, have some questions about the latest Bright apps or need a little help with search, sign up for Office Hours at BrightMLS.com/OfficeHours.
FAAR Expo 2023: Save the Date for Fredericksburg’s Largest Real Estate Expo!
The FAAR Expo is back, and it’s bigger and better than ever! This year’s event will be held on September 13, 2023, at the Fredericksburg Expo Center. The expo is a great opportunity for real estate professionals to connect with other professionals, learn about new trends, and find new ways to grow their businesses.
What to Expect at the FAAR Expo
The FAAR Expo will feature a variety of educational sessions, networking opportunities, and vendor booths. There will be something for everyone at the expo, whether you’re a new real estate agent or a seasoned veteran.
New additions
New additions to this year’s expo include the “Septic Adventure”! Come explore an above-ground septic exhibit in the middle of the expo center! The event will also feature the opportunity to book a headshot photography session ($50 per headshot) where you can get a new professional headshot. Not only will you get a new headshot, the proceeds from the session will benefit RPAC and count towards your annual investment.
Educational Sessions
The FAAR Expo will feature morning educational sessions including:
- What’s in Store for 2024? Market Forecast & Trends Panel
- Understanding Home inventory Seminar
These sessions will provide you with the insights to communicate the market changes prevalent in the real estate industry to your clients.
Networking Opportunities
The FAAR Expo is a great opportunity to network with other real estate professionals. You’ll have the chance to meet new people, learn about their businesses, and build relationships that can help you grow your own business.
Vendor Booths
The FAAR Expo will feature a variety of vendor booths from companies that offer products and services to real estate professionals. This is a great opportunity to learn about new products and services that can help you improve your business. Stop by Builders Row to meet with local builders and Retail Lane to connect with closing gift vendors and more.
Why Should You Attend the FAAR Expo?
There are many reasons why you should attend the FAAR Expo. Here are just a few:
- Learn about new trends in the real estate industry
- Find new ways to grow your business
- Network with other real estate professionals
- Get inspired by other successful real estate professionals
The FAAR Expo is a valuable resource for real estate professionals of all levels. Don’t miss this opportunity to learn, grow, and connect with other professionals in your field.
Vendor & REALTOR® Registration
Vendor registration & booth selection is underway. Contact Jennifer Saenz at jsaenz@faarmembers.com for more information.
FAAR REALTORS® who register on or by 9/5 will be eligible to register for FREE (including lunch) thanks to a decision by the 2023 FAAR Board of Directors. REALTOR® registration will open in July at faarmembers.com/calendar!
For more information on the education sessions and this year’s theme, visit faarmembers.com/expo!
We hope to see you there!
Is the local real estate market turning a corner?
Could the region finally see a stop to ever increasing home prices? April statistics show that it’s possible the tide is turning and that prices will finally cool after months of plummeting demand and high interest rates. April of 2023 saw prices dip across the region for the first time since March of 2019. The median sold price settled at $435,000 this month compared to $440,000 in April of 2022, representing a small 1% year-over-year decline. Units sold were also way down, coming in at 414 compared to 731 units sold last April, a more than 43% reduction. Those factors compounded to turn a nearly 42% decrease in total sold dollar volume with nearly $339 million in sales in April of 2022 compared to $198 million this year.
While April’s regional price reduction is incredibly small at just 1%, it is notable considering how sticky price increases have remained in the face of falling demand. However, the decreases were not evenly distributed across all jurisdictions. Caroline, Spotsylvania, and Orange counties actually saw year-over-year price increases while King George County remained flat. Stafford County, the City of Fredericksburg, and Colonial Beach experienced price decreases from last year. The City saw a 3% decline with Stafford and Colonial Beach both seeing 2% declines. While prices might have come off a little bit, they are still very high with Stafford’s median price close to $490,000, the City just shy of $450,000 and Colonial Beach at $280,000.
FAAR Board of Director Gary Gardiner comments, “Overall the market continues to shift. Buyers active in the market are seeing less competition with the reduced demand and can take advantage by negotiating more contingencies. Sellers are seeing increased days on market, but prices remain high and sellers continue to command list price offers.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 93% up to 27 days this April compared to just 14 days last year.
Inventory was also down slightly in April, finishing out the month with 717 active listings compared to 727 last year. New listings were down 39% from last year with 1,057 homes coming on the market in April of 2022 compared to 646 this past month. New pending sales were down 20% in April, with 615 pending contracts compared to 773 last April.
Bright MLS offers on-the-go Solutions
In the fast–paced world of real estate, you need smart mobile solutions to keep you plugged into your business. Bright MLS answers the call for convenient on–the–go tools with a growing selection of mobile options. In May we’re going to offer brand–new mobile solutions designed to suit the way YOU work!
• MLS–Touch: This MLS app is included in your Bright subscription and is the best way to search for, view, and share listings on your smartphone or tablet. Download now on the apple or google app stores!
• CubiCasa: Coming May 23, CubiCasa will offer free floorplans to all Bright subscribers. Looking for more? For a small fee, you can purchase Fixed Furniture, GLA Report, and 6 Hour Turnaround time. Look for more information coming soon.
• Nestfully App: Expected later this month, the search app for interested buyers and sellers will be available through Nestfully. This is just the beginning of MLS–owned tools you can trust and share with your sphere. In May, we’ll share more about what’s coming next from Nestfully.
Kickstart your business! Did you know? Our experienced Customer Success Coaches provide exclusive spots every week for coaching sessions. If you’re looking for the latest on Bright’s prospecting features, have some questions about the latest Bright apps or need a little help with search, sign up for Office Hours at BrightMLS.com/OfficeHours.
VA General Assembly Wrap Up
The Virginia Realtors recently published the 2023 General Assembly review. Check out what was passed this year.
Loan Level Price Adjustments (LLPAs) Digest
There has been a lot of buzz about the loan level price adjustments (LLPAs) that go into effect in May 1 per the GSEs. Below are some linked articles on this topic going back to 4/26/2023. Links will be updated as more information becomes available.
NAR: FHFA Heard Industry Loud and Clear on Proposed Fee
FHFA Announces Rescission of Enterprise Upfront Fees Based on Debt-To-Income (DTI) Ratio
NAR Dedicated Landing Page for LLPA
NAR Washington Report on Loan Level Price Adjustments (LLPA)
Article in Mortgage Daily News with good heat map of changes
Press Releases
More of the Same in March for Local Real Estate Market
FOR IMMEDIATE RELEASEContact: Carol Sondrini 540-373-7711news@faarmembers.com More of the Same in March for Local Real Estate MarketHigh prices, falling demand continue Fredericksburg, VA – (April 17, 2023) – The following analysis of the Fredericksburg, Virginia...
Real estate market demand continues to cool
February 2023 saw more of the same in the local real estate market with falling demand, rising prices, and increasing days on market. Total sold dollar volume was down 20% coming in at approximately $158.7 million compared to nearly $200 million in February of 2022. ...
Real estate prices continue to rise while demand craters
January 2023 saw demand crater compared to the highs of early 2022, but prices continued to rise with sizable jumps in nearly every locality. Units sold is the big story for this past month with more than 35% fewer homes changing hands than last year. January 2022...
2022 Real Estate Market Closes with High Prices, Declining Sales
2022 was a tumultuous year for the local real estate market with a fiery start to the year that began to moderate about halfway through due to rising interest rates and continued supply challenges. “The housing market always fluctuates. We had an intense seller’s...